Anti Money Laundering Law in Iran
Anti Money Laundering Law of Iran has been ratified on January 22nd, 2008 in 12 articles in order to define the concept and structure of money laundering in Iran. According to Article 1 of this law, the commercial activities shall be considered legal and valid unless otherwise proved by the authorities.
According to Article 2 of the Anti Money Laundering Law of Iran, three different types of activities and acquisition shall be considered as money laundering.
The first activities is about obtainment of money, directly or indirectly, through the illegal activities;
The second type of activities is about trying to disguising the illegal origin of the properties obtained from illegal activities;
The third type of activities is regarding concealment or disguise of the nature, source, location, disposition, movement or ownership of the properties obtained through illegal activities.
For the best implementation of the Anti Money Laundering Law in Iran, the law defines a high council under the name of the Anti Money Laundering High Council. The main duty of the council is to make the necessary arrangement between the other authorities who are responsible regarding money laundering in Iran.
The council shall be chaired by the Minister of Economic. The regulations passed by the council are binding for all the other Iranian authorities who are responsible regarding this issue.
Which Iranian legal entities are obliged to implement the provisions of this law?
All legal entities, including but not limited to the Central Bank of Iran, Iranian banks, financial institutions, insurance entities, funds, NGOs and municipalities are subject to this law.
The necessity of disclosure of information regarding money laundering by the specific groups of experts.
The law specifically names specific groups of experts and obliged them to provide the information that is necessary for implementation of this law. Notary publics, lawyers, auditors, accountants, official experts and the legal inspectors of the companies are the experts that are obliged to disclose the necessary information upon the request of the authorities.
You may find on below, the best English translation of this law.
Anti Money Laundering Law in Iran
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